Could This Dark Horse Cryptocurrency Be the Unexpected Beneficiary of Ethereum's Merge?
Most interested observers are by now aware of Ethereum's (CRYPTO: ETH) upcoming Merge event, in which the second-largest crypto by market cap will make its long-awaited transition from a proof-of-work consensus mechanism to proof of stake. As enthusiasm for the Merge has grown, Ethereum has staged a furious comeback this summer, rallying 90% since its cycle low of $897.06 on June 18th.
The move stands to be a major net positive for the Ethereum network, but another cryptocurrency adjacent to the Ethereum ecosystem is already benefiting from the impending switch and has surprisingly outperformed Ethereum, rallying more than 190% since its low on the same date.
Let's take a look at Ethereum Classic (CRYPTO: ETC). Why is this Ethereum alternative rallying, and what lies ahead for the 19th largest cryptocurrency by market cap?
Source Fool.com
